UMH Properties Inc (UMH) 2026 Q1 法說會逐字稿

Good morning, and welcome to UMH Properties first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位早安，歡迎參加 UMH Properties 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

It is now my pleasure to introduce your host, Mr. Craig Koster, Executive Vice President and General Counsel. Thank you. Mr. Koster, you may begin.

現在很榮幸為各位介紹本次會議主持人：執行副總裁兼總法律顧問 Craig Koster 先生。謝謝。Koster 先生，您可以開始。

Thank you very much, operator.

非常感謝，接線員。

In addition to the 10-Q that we filed with the SEC yesterday, we have filed an unaudited first-quarter supplemental information presentation. This supplemental information presentation, along with our 10-Q, are available on the company's website at umh.reit.

除昨日向美國證券交易委員會（SEC）提交的 10-Q 之外，我們也提交了一份未經審計的第一季補充資訊簡報。本補充資訊簡報連同我們的 10-Q，均可於公司網站 umh.reit 查閱。

We would like to remind everyone that certain statements made during this conference call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements that we make on this call are based on our current expectations and involve various risks and uncertainties.

我們提醒各位，本次電話會議中所作的某些陳述（非歷史事實）可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。我們在本次電話會議中所作的前瞻性陳述係基於目前的預期，並涉及各種風險與不確定性。

Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved. The risks and uncertainties that could cause actual results to differ materially from expectations are detailed in the company's first-quarter 2026 earnings release and filings with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements.

儘管公司相信任何前瞻性陳述所反映的預期係基於合理假設，公司仍無法保證其預期將得以實現。可能導致實際結果與預期存在重大差異的風險與不確定性，已於公司 2026 年第一季財報新聞稿及向美國證券交易委員會提交的文件中詳述。公司不承擔更新其前瞻性陳述的任何義務。

In addition, during today's call, we will be discussing non-GAAP financial metrics. Reconciliations of these non-GAAP financial metrics to the comparable GAAP financial metrics, as well as the explanatory and cautioning language, are included in our earnings release, our supplemental information, and our historical SEC filings.

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與可比 GAAP 財務衡量指標之間的調節表，以及相關說明與警示性文字，均載於我們的財報新聞稿、補充資訊以及過往向 SEC 提交的文件中。

Having said that, I would like to introduce management with us today: Eugene Landy, Founder and Chairman; Samuel Landy, President and Chief Executive Officer; Anna Chew, Executive Vice President and Chief Financial Officer; Brett Taft, Executive Vice President and Chief Operating Officer; Jim Lykins, Vice President of Capital Markets; and Daniel Landy, Executive Vice President.

在此，我想介紹今天與會的管理團隊：創辦人兼董事長 Eugene Landy；總裁兼執行長 Samuel Landy；執行副總裁兼財務長 Anna Chew；執行副總裁兼營運長 Brett Taft；資本市場副總裁 Jim Lykins；以及執行副總裁 Daniel Landy。

It is now my pleasure to turn the call over to UMH's President and Chief Executive Officer, Samuel Landy.

現在很榮幸將電話會議交給 UMH 總裁兼執行長 Samuel Landy。

Thank you, Craig, and good morning, everyone.

謝謝你，Craig，各位早安。

We are pleased to report solid operational results for the quarter, which we expect to continue to grow throughout the year. Normalized FFO for the first quarter of 2026 was $0.23 per share as compared to $0.23 per share last year. Our earnings per share were impacted by increased interest rates and increased investment in rental units and expansion lots, which are not yet occupied. Additionally, we faced seasonal headwinds, which impacted our sales volume and increased our community operating expenses.

我們很高興報告本季營運表現穩健，並預期全年將持續成長。2026 年第一季的標準化 FFO 為每股 0.23 美元，與去年同期每股 0.23 美元相當。每股盈餘受到利率上升，以及對出租單元與擴建地塊（目前尚未入住）的投資增加所影響。此外，我們也面臨季節性逆風，影響銷售量並提高社區營運費用。

During the quarter, occupancy improved meaningfully, same-property NOI grew by 7%, and home sales revenue was stable. These gains were partially offset by higher interest costs associated with refinancing debt, bringing expansion lots online, adding rental homes, and the seasonal impact on home sales and operating expenses, which together moderated earnings per share growth. Normalized FFO per share came in essentially in line with last year's first quarter, reflecting the strength of our core rental business offset by those financing and seasonal pressures.

本季入住率顯著改善，同店 NOI 成長 7%，房屋銷售收入維持穩定。上述成長部分被較高的利息成本所抵銷，該利息成本與債務再融資、擴建地塊上線、增加出租住宅，以及季節性對房屋銷售與營運費用的影響相關，這些因素共同抑制了每股盈餘的成長。標準化每股 FFO 基本與去年第一季持平，反映我們核心租賃業務的強勁表現，但同時受到融資與季節性壓力的抵銷。

As we continue to fill rental homes and generate increased sales profits, our earnings should increase in the quarters to come. We have invested in rental homes, expansions, and acquisitions for which we currently incur interest expense but will later become accretive to earnings.

隨著我們持續填補出租住宅並帶來更高的銷售利潤，未來幾季的獲利應會提升。我們已投資於出租住宅、擴建與收購項目，目前產生利息費用，但之後將對獲利具增益效果。

The fundamentals of our business remain strong with growing occupancy and improving community operating results. We are tightening our NFFO guidance range to $0.98 to $1.04 per share, or $1.01 per share at the midpoint, compared to our previous guidance of $0.97 to $1.05 per share.

在入住率成長與社區營運成果改善的帶動下，我們的業務基本面仍然強勁。我們將 NFFO 指引區間收斂至每股 0.98 至 1.04 美元（中位數為每股 1.01 美元），相較於先前指引每股 0.97 至 1.05 美元。

UMH continues to experience strong demand throughout our portfolio of quality manufactured housing communities. This demand is being translated into increased occupancy rates and improved community operating results.

UMH 在其優質製造住宅社區組合中持續感受到強勁需求。此需求正轉化為更高的入住率與更佳的社區營運成果。

During the quarter, overall occupancy improved by 184 units to approximately 88%. This increase was the result of the conversion of 166 homes from inventory to revenue-producing rental homes and an increase in occupancy of our existing rental homes. Additionally, sales of manufactured homes increased by 6% to $7.1 million for the quarter. This increase in sales includes the sales at Honey Ridge, which is owned through our joint venture with Nuveen.

本季整體入住率增加 184 戶，約達 88%。此增幅來自將 166 戶住宅由庫存轉為可產生收入的出租住宅，以及既有出租住宅入住率的提升。此外，本季製造住宅銷售額成長 6% 至 710 萬美元。此銷售成長包含 Honey Ridge 的銷售，該社區係透過我們與 Nuveen 的合資企業持有。

We continue to execute our long-term strategy of driving organic growth across our high-quality manufactured home communities. This organic growth translates to increased property values and, over time, increased earnings.

我們持續執行長期策略，在高品質製造住宅社區中推動內生成長。此內生成長將轉化為更高的資產價值，並隨時間推移帶來更高的獲利。

Rental and related income grew to $59.5 million for the quarter, representing a 9% increase over last year. Sales for the quarter were $7.1 million, including the sales at Honey Ridge, representing a 6% increase over the first quarter of last year.

本季租金及相關收入成長至 5,950 萬美元，較去年增加 9%。本季銷售額為 710 萬美元（包含 Honey Ridge 的銷售），較去年第一季增加 6%。

Our same-property results continue to demonstrate the effectiveness of our long-term business plan. We generally acquire underperforming communities with vacancies and in need of capital improvements. Our team and our platform have proven time and time again that we can preserve and increase the supply of affordable housing while delivering solid and sustainable operating results.

我們的同店表現持續證明長期商業計畫的有效性。我們通常收購表現不佳、存在空置且需要資本改善的社區。我們的團隊與平台一再證明，我們能在提供穩健且可持續的營運成果的同時，維持並增加可負擔住宅供給。

In the first quarter of 2026, we delivered same-property revenue growth of 7.6%, or $4.1 million, and same-property NOI growth of 7.1%, or $2.3 million. This growth in same-property revenue and same-property NOI was driven by site rent increases of 5% and the increase in occupancy of 412 units over last year.

2026 年第一季，我們實現同店收入成長 7.6%（或 410 萬美元），同店 NOI 成長 7.1%（或 230 萬美元）。同店收入與同店 NOI 的成長主要由 5% 的場地租金調升，以及較去年增加 412 戶的入住率所帶動。

Our expenses were elevated as a result of the bad winter as well as an increase in real estate taxes. This increase in community NOI substantially increases the value of our communities and our portfolio. We can realize this increase in value through our refinancing efforts, which generate additional capital to invest in our platform.

由於嚴冬以及不動產稅增加，我們的費用水準偏高。社區 NOI 的提升大幅增加了我們社區與整體投資組合的價值。我們可透過再融資努力實現此價值提升，再融資可產生額外資本以投資於我們的平台。

Our occupancy gains continue to be driven by the successful implementation of our rental home program. During the quarter, we added and rented 166 new homes across our portfolio, including those in our joint venture communities, bringing our total rental home inventory to approximately 11,200 units with a 94.6% occupancy rate.

我們的入住率提升持續由成功推行出租住宅計畫所驅動。本季我們在整體投資組合（包含合資社區）新增並出租 166 戶新住宅，使我們的出租住宅總庫存達約 11,200 戶，入住率為 94.6%。

Our home rental program continues to operate efficiently with a turnover rate of approximately 20%. Our expenses per unit per year are approximately $400. Our capitalized turnover costs vary, but we are generally able to increase rents to earn 10% on any additional investment in rental homes.

我們的住宅出租計畫持續高效率運作，換租率約為 20%。每戶每年的費用約為 400 美元。資本化的換租成本會有所波動，但我們通常能透過調升租金，使對出租住宅的任何額外投資獲得 10% 的報酬。

We are well positioned to fill 800 or more new rental homes this year. We currently have 80 homes on site and ready for occupancy, 400 homes being set up, and 160 homes on order. The 480 homes that are on site have already been paid for, and once occupied, each home increases revenue and starts to earn our expected return on investment.

我們具備在今年填補 800 戶或以上新出租住宅的良好條件。目前我們有 80 戶住宅已在現場並可立即入住，400 戶正在安裝設置，另有 160 戶已下單。已在現場的 480 戶住宅均已付款，一旦入住，每戶住宅都將增加收入並開始實現我們預期的投資報酬。

Our home sales business also performed well despite the challenging winter, generating a 6% increase from $6.7 million in gross sales in the first quarter of 2025 to $7.1 million for the current quarter, including contributions from our new Honey Ridge community in our joint venture with Nuveen Real Estate. During the quarter, we financed 63% of our home sales, including sales at Honey Ridge.

儘管冬季環境具挑戰性，我們的住宅銷售業務仍表現良好，總銷售額由 2025 年第一季的 670 萬美元成長 6% 至本季的 710 萬美元，其中包含我們與 Nuveen Real Estate 合資的新 Honey Ridge 社區的貢獻。本季我們為 63% 的住宅銷售提供融資（包含 Honey Ridge 的銷售）。

Our notes receivable portfolio continues to perform well. We have acquired and developed communities in strong locations, which should allow us to further increase our gross sales and sales profitability in the coming quarters.

我們的應收票據投資組合持續表現良好。我們已在優質地段收購並開發社區，這應可使我們在未來幾季進一步提升總銷售額與銷售獲利能力。

On the expansion and development front, we plan to develop 300 or more sites in 2026. Over the past four years, we have developed an average of approximately 200 sites per year. Expansions greatly increase the value of our existing communities. A larger asset generally operates with better margins as a result of economies of scale.

在擴建與開發方面，我們計畫於 2026 年開發 300 個或以上的地塊。過去四年，我們平均每年開發約 200 個地塊。擴建將大幅提升既有社區的價值。由於規模經濟，較大的資產通常能以更佳的利潤率運作。

We currently have $45 million invested in 600 vacant, well-located expansion sites that have been developed over the past few years. These sites will allow us to grow home sales, revenue, and community operating income. These sites have been paid for, so each site we occupy will increase revenue with limited additional investments. The interest is already being expensed. Additionally, these expansion sites are well located and have the potential to greatly increase our sales and sales profits.

我們目前在過去幾年已開發完成的 600 個空置、位置優越的擴建地點上投資了 4,500 萬美元。這些地點將使我們能夠提升住宅銷售、營收以及社區營運收入。這些地點已完成付款，因此我們每進駐一個地點，僅需有限的額外投資即可增加營收。利息已計入費用。此外，這些擴建地點位置優越，具備大幅提升我們銷售與銷售利潤的潛力。

As we fill our recently developed sites, our earnings can grow substantially. Expansions and development require patient capital, but lead to strong returns over time. We will continue to work on expanding our existing communities in addition to exploring the highest and best uses of our vacant land.

隨著我們逐步填滿近期開發完成的地點，我們的獲利可望大幅成長。擴建與開發需要耐心資本，但隨時間推移可帶來強勁回報。除持續推動既有社區的擴建外，我們也將探索空置土地的最高且最佳用途。

UMH is well positioned to capitalize on the progress we have made on our investments over the past few years. We have well-located communities that are experiencing strong demand, which should result in increased occupancy, revenue, and sales. Our communities in the Marcellus and Utica Shale areas continue to experience strong tailwinds as a result of the additional investment in these areas. Additionally, we are starting to see more interest in the leasing of our oil and gas rates, which can result in additional revenue.

UMH 已做好充分準備，把握我們過去幾年投資所取得的進展。我們擁有位置優越且需求強勁的社區，預期將帶動入住率、營收與銷售增加。我們位於 Marcellus 與 Utica 頁岩區域的社區，因該等地區新增投資而持續受惠於強勁順風。此外，我們也開始看到市場對我們油氣權利金（royalties）租賃的興趣提升，這可能帶來額外營收。

We have built a best-in-class operating platform that continues to produce results year after year. The fundamentals of our business remain strong. There is pent-up demand for affordable housing, and our product serves that need in each market that we operate in. Our quality income stream is derived from our 24,000 families that have chosen to make UMH communities their home. This income stream has proven resilient through all economic cycles.

我們建立了一個同級最佳的營運平台，年復一年持續交出成果。我們業務的基本面依然強勁。市場對可負擔住宅存在被壓抑的需求，而我們的產品在每個營運市場都能滿足此需求。我們優質的收入來源來自 24,000 個選擇以 UMH 社區為家的家庭。此收入來源已在各種經濟循環中證明具備韌性。

As we move through the stronger spring and summer selling seasons, we remain confident in our ability to deliver full-year normalized FFO per share growth in the mid-single-digit range which, if coupled with our current dividend yield, can easily drive a double-digit total return for our investors. Our communities are well positioned, our balance sheet is solid, and our team continues to perform at a high level. Overall, these accomplishments demonstrate the resilience and growth potential of our business model.

隨著我們進入更強勁的春夏銷售旺季，我們仍有信心在全年實現每股常態化 FFO 以中個位數幅度成長；若再結合我們目前的股息殖利率，將可輕易為投資人帶來雙位數的總報酬。我們的社區布局良好、資產負債表穩健，團隊也持續維持高水準表現。整體而言，這些成果展現了我們商業模式的韌性與成長潛力。

I'll now turn the call over to Anna Chew, our CFO, to review our financial results in more detail.

接下來我將把電話會議交給我們的財務長 Anna Chew，請她更詳細地說明我們的財務結果。

Thank you, Sam.

謝謝你，Sam。

Normalized FFO, which excludes amortization and non-recurring items, was $19.4 million or $0.23 per diluted share for the first quarter of 2026, compared to $18.8 million or $0.23 per diluted share for 2025, resulting in a 3% increase on a dollar basis and remaining flat on a diluted per share basis.

2026 年第一季常態化 FFO（排除攤銷與非經常性項目）為 1,940 萬美元，或稀釋後每股 0.23 美元；相較之下，2025 年為 1,880 萬美元，或稀釋後每股 0.23 美元。以金額計增加 3%，稀釋後每股則持平。

Rental and related income for the quarter was $59.5 million, compared to $54.6 million a year ago, representing an increase of 9%. This increase was primarily due to acquisitions made in 2025, an increase in same-property occupancy, the addition of rental homes, and an increase in rental rates.

本季租金及相關收入為 5,950 萬美元，較去年同期的 5,460 萬美元增加 9%。此增幅主要來自 2025 年完成的收購、同物業入住率提升、出租住宅增加，以及租金水準上調。

Community operating expenses increased 10% during the quarter. This increase was mainly due to the acquisitions made in 2025, an increase in payroll and related costs, real estate taxes, and water and sewer expenses. Our community net operating income, or NOI, which is our rental and related income less our community operating expenses, increased 8%.

本季社區營運費用增加 10%。增加主因為 2025 年完成的收購、薪資及相關成本上升、不動產稅，以及水與污水費用。我們的社區淨營運收入（NOI），即租金及相關收入扣除社區營運費用後的金額，增加 8%。

Our same-property results continue to meet our expectations. Same-property income increased by 8% for the quarter, and despite the 8% increase in community operating expenses, community NOI increased by 7% for the quarter from $32.6 million in 2025 to $34.9 million in 2026.

我們的同物業表現持續符合預期。本季同物業收入增加 8%；儘管社區營運費用增加 8%，社區 NOI 仍較去年同期增加 7%，由 2025 年的 3,260 萬美元增至 2026 年的 3,490 萬美元。

As we turn to our capital structure, at quarter-end, we had approximately $760 million in debt, of which $554 million was community-level mortgage debt, $28 million was loans payable, $102 million was our 4.72% Series A bonds, and $76 million was our 5.85% Series B bonds.

就資本結構而言，截至季末，我們約有 7.6 億美元的債務，其中 5.54 億美元為社區層級抵押貸款債務、2,800 萬美元為應付貸款、1.02 億美元為我們票面利率 4.72% 的 A 系列債券，以及 7,600 萬美元為我們票面利率 5.85% 的 B 系列債券。

Total debt was 99% fixed rate at quarter-end with a weighted average interest rate of 4.92%. The weighted average interest rate on our mortgage debt was 4.75% at quarter-end, compared to 4.18% at quarter-end last year. The weighted average maturity on our mortgage debt was 5.9 years at quarter-end and 4.2 years at quarter-end last year.

截至季末，總債務中 99% 為固定利率，加權平均利率為 4.92%。截至季末，我們抵押貸款債務的加權平均利率為 4.75%，相較去年季末為 4.18%。截至季末，我們抵押貸款債務的加權平均到期年限為 5.9 年，去年季末為 4.2 年。

In this volatile interest rate environment, the weighted average interest rate on our short-term borrowings was 15 basis points lower at 6.35% at the current quarter-end, as compared to 6.5% at quarter-end last year.

在此利率波動的環境下，截至本季季末，我們短期借款的加權平均利率為 6.35%，較去年季末的 6.5% 低 15 個基點。

At quarter-end, UMH had a total of $325 million in perpetual preferred equity. Our preferred stock, combined with an equity market capitalization of over $1.2 billion and our $760 million in debt, results in a total market capitalization of approximately $2.3 billion at quarter-end.

截至季末，UMH 的永久型優先股權總額為 3.25 億美元。我們的優先股，加上超過 12 億美元的股權市值以及 7.6 億美元的債務，使得截至季末的總市值約為 23 億美元。

During the quarter, we issued and sold 66,000 shares of our Series D Preferred stock under the 2025 preferred ATM program at a weighted average price of $22.51 per share, which generated gross and net proceeds after offering costs of $1.5 million. The company also received $2.4 million, including dividends reinvested through our DRIP. During the quarter, we did not sell any shares of our common stock under the September 2024 common ATM program.

本季我們依據 2025 年優先股 ATM 計畫，發行並出售 66,000 股 D 系列優先股，加權平均價格為每股 22.51 美元，扣除發行成本後的總募集與淨募集金額為 150 萬美元。公司亦收到 240 萬美元，其中包含透過我們的 DRIP 再投資的股息。本季我們未依據 2024 年 9 月普通股 ATM 計畫出售任何普通股。

From a credit standpoint, we ended the quarter with net debt to total market capitalization of 31.2%, net debt less securities to total market capitalization of 30.1%, net debt to adjusted EBITDA of 5.5 times, and net debt less securities to adjusted EBITDA of 5.3 times. Interest coverage was 3.1 times and fixed charge coverage was 2.1 times.

就信用指標而言，本季季末我們的淨負債／總市值為 31.2%，淨負債扣除證券後／總市值為 30.1%，淨負債／調整後 EBITDA 為 5.5 倍，淨負債扣除證券後／調整後 EBITDA 為 5.3 倍。利息保障倍數為 3.1 倍，固定費用保障倍數為 2.1 倍。

From a liquidity standpoint, we ended the quarter with $37.4 million in cash and cash equivalents and $260 million available on our unsecured revolving credit facility with a potential total availability of up to $500 million pursuant to an accordion feature. Our unsecured revolving credit facility expires in November, and we are currently working on a renewal of this facility. We also had $183 million available on our other lines of credit for the financing of home sales and the purchase of inventory and rental homes.

就流動性而言，本季季末我們持有 3,740 萬美元的現金及約當現金，且在我們的無擔保循環信用額度下尚有 2.6 億美元可用；依據增額條款（accordion feature），總可用額度最高可達 5 億美元。我們的無擔保循環信用額度將於 11 月到期，目前正進行續約作業。我們在其他信用額度下亦有 1.83 億美元可用，以支應住宅銷售融資以及庫存與出租住宅的採購。

Additionally, we had $26.4 million in our REIT securities portfolio, all of which is unencumbered. This portfolio represents only approximately 1.2% of our undepreciated assets. We are committed to not increasing our investments in our REIT securities portfolio and have, in fact, continued to sell certain positions.

此外，我們的 REIT 證券投資組合為 2,640 萬美元，且全部未設抵押。該投資組合僅約占我們未折舊資產的 1.2%。我們承諾不增加對 REIT 證券投資組合的投資，事實上也持續出售部分持倉。

We are tightening our NFFO guidance range to $0.98 to $1.04 per share, or $1.01 per share at the midpoint, compared to our previous guidance of $0.97 to $1.05 per share. We are well positioned to continue to grow the company internally and externally.

我們將 NFFO 指引區間收斂至每股 0.98 至 1.04 美元，中位數為每股 1.01 美元；相較先前指引為每股 0.97 至 1.05 美元。我們具備良好條件，得以持續透過內生成長與外部擴張推動公司成長。

And now, let me turn it over to Gene before we open it up for questions.

接下來，在開放提問之前，讓我把時間交給 Gene。

Thank you, Anna.

謝謝你，Anna。

UMH continues on our mission to provide the nation with high-quality affordable housing and doing so while generating strong and growing returns for our shareholders. We have made immense progress over the years building a great portfolio of manufactured housing communities that our existing tenants and our new tenants are proud to call home.

UMH 持續致力於為全國提供高品質的可負擔住宅，同時為股東創造強勁且持續成長的報酬。多年來，我們在打造優質的組合式住宅社區投資組合方面取得巨大進展，讓現有住戶與新住戶都以能稱之為家而自豪。

We improve our communities by upgrading the collected communities through infrastructure projects, the addition of amenities, security best practices, and further through the expansion of our communities. We are proud to say that each asset we own is in better condition today than the day we bought it.

我們透過基礎設施工程、增設設施配套、導入安全最佳實務，以及進一步擴建社區，來提升我們的社區品質。我們很自豪地表示，我們所擁有的每一項資產，如今的狀況都比我們買入當天更好。

Over the company's history, we have experienced several economic cycles across our portfolio, and the manufactured housing industry has performed well throughout all of them. Our communities have strong demand in times of economic prosperity and in times of recession. While interest rates have fluctuated over the past few years, our communities still experience strong demand, have experienced growing occupancy, and sales and collections have remained strong.

在公司歷史中，我們的投資組合經歷了數個經濟循環，而製造房屋（manufactured housing）產業在所有循環中表現皆佳。我們的社區在經濟繁榮時期與衰退時期皆有強勁需求。儘管過去幾年利率有所波動，我們的社區仍持續呈現強勁需求、入住率持續提升，且銷售與收款維持強勁。

Our earnings have been impacted by rising interest rates, completion of expansions, and adding to the rental inventory, which triggers added interest expense and seasonal fluctuations in sales and operating expenses. We believe that we are poised for meaningful earnings growth this year, and as such, we have tightened our guidance.

我們的獲利受到利率上升、擴建案完工，以及增加租賃庫存的影響；這些因素會帶來額外的利息費用，並造成銷售與營運費用的季節性波動。我們相信今年具備顯著的獲利成長動能，因此我們已收緊（調整得更保守）我們的財測指引。

Housing is a bipartisan issue with bipartisan support. There is pending legislation that will strengthen the manufactured housing industry. The pending legislation has the potential to improve the availability of financing for our tenants through changes to the Title I program, as well as remove the requirement that a manufactured home has to be on a permanent chassis.

住房是跨黨派議題，並獲得跨黨派支持。目前有待審議的立法將強化製造房屋產業。該立法有潛力透過對 Title I 計畫的調整，改善我們住戶的融資可得性，並且取消製造房屋必須設置於永久底盤（permanent chassis）上的要求。

We've already made a substantial progress through the innovation of single-section and multi-section duplex homes. Additionally, we are hopeful that as we develop more communities, local municipalities will see the benefits of manufactured housing and ease burdensome regulatory requirements that have made getting entitlements nearly impossible.

我們已透過單節式（single-section）與多節式（multi-section）的雙拼住宅（duplex homes）創新取得相當大的進展。此外，我們也期待隨著我們開發更多社區，地方政府將看見製造房屋的效益，並放寬那些使取得開發許可（entitlements）幾乎不可能的繁瑣監管要求。

UMH and the manufactured housing industry are in an exciting time with many possibilities. We have positioned the company to benefit from these changes and anticipate substantial growth of the company and our earnings in the near future. Thank you again for joining us today.

UMH 與製造房屋產業正處於令人振奮、充滿可能性的時期。我們已將公司定位為能從這些變化中受益，並預期在不久的將來公司與我們的獲利將大幅成長。再次感謝各位今天與會。

Operator, we are now ready to take questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Gaurav Mehta, Alliance Global Partners.

（接線員指示）Gaurav Mehta，Alliance Global Partners。

Thank you. Good morning. I wanted to ask you on your same-property NOI and some of the comments around the impact of winters on the same-property expenses. So on a normalized basis, do you still expect to deliver change for NOI in high-single-digit and low-double-digit range, as you mentioned on the last earnings call?

謝謝。早安。我想請教同店 NOI，以及你們提到冬季對同店費用影響的一些評論。因此，在常態化基礎下，你們是否仍預期同店 NOI 的變動可落在高個位數到低雙位數區間，如同你們在上次財報電話會議中所提到的？

Yeah, sure. Brett here. And yeah, as you mentioned, it was a tough winter. Pennsylvania, Ohio, Indiana, New York, even Tennessee had deep freezes and extended periods of below-freezing temperatures, which obviously impacts our water and sewer. It impacts our maintenance overtime dealing with freeze-ups. We had a lot of snow and a lot of snow removal related charges.

好的，當然。Brett 這邊。是的，如你所提，這是一個嚴酷的冬天。賓州、俄亥俄、印第安納、紐約，甚至田納西都出現嚴重寒潮與長時間低於冰點的氣溫，這顯然會影響我們的供水與污水系統。也會影響我們處理結冰問題的維修加班。我們有很多降雪，以及大量與除雪相關的費用。

So overall community operating expenses were 8.2%. I do want to point out that last year, our community operating expenses in the first quarter were also elevated in about the 7.5% range. So this year was a little bit higher, but largely in line. We're very happy with the occupancy growth and the revenue growth we were able to produce in the first quarter.

因此整體社區營運費用成長為 8.2%。我也想指出，去年第一季我們的社區營運費用同樣偏高，大約在 7.5% 左右。今年略高一些，但大致一致。我們對第一季所帶來的入住率成長與營收成長非常滿意。

And as we go throughout the rest of the year, we expect that expense growth to moderate. We've always pointed out that we expect expenses to grow in the 5% to 7% range. Nothing changes there, and we're absolutely confident in our ability to deliver high-single-digit same-property NOI growth.

而隨著今年其餘時間推進，我們預期費用成長將趨於緩和。我們一直指出，預期費用成長會在 5% 到 7% 的區間，這點沒有改變；我們也完全有信心能達成同店 NOI 高個位數成長。

One of the things we think about, like why is somebody short 3 million shares of UMH properties? And I don't know what they see or think they see that we see differently. Our 3,240 vacant sites represent incredible opportunity to increase sales and rental revenue, and that will come to the bottom line

我們思考的一件事是：為什麼有人會放空 UMH Properties 300 萬股？我不知道他們看到了什麼，或自以為看到了什麼，而我們看到的是不同的。我們 3,240 個空置地塊代表極大的機會，可提升銷售與租賃收入，而這些將直接反映到淨利。

And to me, it's reasonable to believe someday in the near future, we'll sell 320 homes in a year at $150,000 average price and gross $48 million in sales. So we remain incredibly optimistic, but obviously, somebody else is pessimistic.

而在我看來，合理的推測是，在不久的將來某一年，我們將能以每戶平均 150,000 美元的價格售出 320 戶住宅，並創造 4,800 萬美元的銷售額。因此我們仍極度樂觀，但顯然也有人持悲觀看法。

Thanks for those details. As a follow-up, I want to ask you on the home sales. Have you seen -- in the earnings press release, I think you talked about expectation of sales growth as we go into peak selling season. I was just wondering if you could comment on the trends that you saw in April for home sales?

謝謝這些細節。追問一下，我想請教住宅銷售。在財報新聞稿中，我記得你們談到進入銷售旺季後銷售成長的預期。我想請你們評論一下 4 月住宅銷售所看到的趨勢？

Yeah. The trends in the portfolio look very good. Including Honey Ridge for the first quarter, sales were up year over year. Again, sales are absolutely impacted by the cold winter and everybody's ability to move, but our April sales were very strong. They're coming in at about $3.5 million. We're very happy with that.

好的。投資組合的趨勢看起來非常好。第一季若包含 Honey Ridge，銷售年增。再次強調，銷售確實會受到寒冷冬季以及大家搬遷能力的影響，但我們 4 月的銷售非常強勁，約為 350 萬美元。我們對此非常滿意。

Our pipeline remains in good shape. We've got a lot of inventory that's now ready for sale or just about ready for sale at a lot of the expansions that we've recently opened. And as Sam mentioned at the call, we've got several hundred expansion sites built over the past few years that should all generate increased sales in the second and third quarter.

我們的銷售管線仍維持良好狀態。我們在許多近期開放的擴建案中，已有大量庫存現在可供銷售或即將可供銷售。正如 Sam 在電話會議中提到的，過去幾年我們已建成數百個擴建地塊，這些都應在第二與第三季帶來更高的銷售。

I do also want to point out that our New Jersey communities and some of our Eastern Pennsylvania communities were impacted by the winter, but we're expecting and we're seeing a very strong sales pipeline at those locations. Sales in the second quarter of last year were about $10.5 million. We're on track through April. Obviously, there's a long way to go, but we remain confident in our ability to grow sales in the second quarter and year over year.

我也想指出，我們的新澤西社區以及部分賓州東部社區受到冬季影響，但我們預期且也正在看到這些地點有非常強勁的銷售管線。去年第二季的銷售約為 1,050 萬美元。我們截至 4 月的進度符合預期。當然，後面還有很長的路要走，但我們仍有信心在第二季以及年對年實現銷售成長。

Thank you. That's all I had.

謝謝。我就這些問題。

Craig Kucera, Lucid.

Craig Kucera，Lucid。

Yeah, good morning. There was a pretty significant swing in your marketable securities portfolio, not much of an impact on a net basis, but can you give us some color on what was going on there?

是的，早安。你們的可出售證券（marketable securities）投資組合出現相當顯著的變動，淨額影響不大，但你們能否提供一些背景，說明當時發生了什麼？

Yes. Hi, Craig. It's Anna. We had written off one security. And if you think about it, it was already written down in our unrealized gain line -- unrealized gain and loss line. So we just wrote it down -- physically wrote it down, so we moved it from the unrealized to the realized. So that's all it was.

可以。嗨，Craig。我是 Anna。我們沖銷了一項證券。若你回想一下，它先前已在我們的未實現損益項下——未實現收益與損失項下——被減記。因此我們只是把它減記——實際上做了減記處理，將其從未實現轉為已實現。就只是這樣。

Okay, that's helpful. Changing gears, are there any critical materials sourced from the Middle East that are a component for manufactured housing development or maybe aluminum or plastics? Are most of those materials sourced elsewhere?

了解，這很有幫助。換個話題，製造房屋開發是否有任何關鍵材料是從中東採購的，例如鋁或塑膠？還是大多數材料都從其他地區採購？

At this moment, everything I've heard about supply has remained no issues and no material increases. What do you think, Brett?

就目前而言，我所聽到的供應情況都維持正常，沒有問題，也沒有顯著的成本上升。Brett，你怎麼看？

Yeah. No, same point here. The main thing that I follow there is the backlog we're seeing from our manufacturers. While they've increased a little bit, I think generally, we're still able to get homes in that six- to eight-week range, so with limited price increases. I mean, there are some price increases, but overall, it's pretty stable homeownering environment. We're comfortable with where we are, and if anything changes, we'll get back to you.

是的，我這邊也是同樣看法。我主要關注的是我們從製造商那邊看到的訂單積壓（backlog）。雖然略有增加，但整體而言，我認為我們仍能在 6 到 8 週左右取得房屋，因此價格上漲有限。我的意思是，確實有一些漲價，但整體來看，購屋環境相當穩定。我們對目前狀況感到安心；若有任何變化，我們會再回覆你。

And we believe in the long-term efficiencies of factory-built houses that the factory-built homes will, in comparison to all other forms of housing, reduce the cost per house based on efficiencies of manufacturing.

我們也相信工廠預製住宅（factory-built houses）的長期效率；相較於其他所有形式的住宅，工廠預製住宅將因製造效率而降低每戶成本。

Got it. And just one more for me. I mean, it was a quiet quarter from a capital raising perspective. You worked down your cash balance. Last year, you funded yourself primarily with debt. How are you thinking about funding the 2026 budget? I mean, is that mostly line of credit? I know you've got about $38 million in mortgages that are maturing, but just would curious to get your thoughts on that.

了解。我最後再問一個。從募資角度來看，這一季相對平靜。你們降低了現金餘額。去年你們主要以負債融資。你們如何思考 2026 年預算的資金來源？我的意思是，主要會用信用額度（line of credit）嗎？我知道你們大約有 3,800 萬美元的抵押貸款即將到期，但我想聽聽你們對此的看法。

Well, it all depends on our capital needs. As we always say, we always need about $120 million to $150 million on an annual basis to do our business plan. We do plan on refinancing about $30 million -- as you said, about $38 million in mortgages. When we refinanced last year, we were able to take out $100 million in additional capital.

嗯，這完全取決於我們的資本需求。如同我們一向所說，為了執行我們的營運計畫，我們每年大約需要 1.2 億到 1.5 億美元。我們確實計畫再融資約 3,000 萬美元——如你所說，大約 3,800 萬美元的抵押貸款。去年我們再融資時，得以額外取得 1 億美元的資金。

Now, that won't happen again this year because, again, this less mortgages that are coming due. However, we do have approximately 60 communities that are free and clear. We have on hand about $40 million. We have unsecured line of credit of $260 million, which within accordion feature will go to $500 million. We have a rental home line. We have notes receivable line.

那麼，今年不會再發生那種情況，因為同樣地，今年到期的抵押貸款較少。不過，我們確實有大約60個社區是無負債、無抵押的。我們手上約有4,000萬美元。我們有2.6億美元的無擔保循環信用額度，透過其擴容（accordion）條款可提高到5億美元。我們有出租住宅信用額度。我們有應收票據信用額度。

So all in all, we believe that we will be able to obtain the capital necessary. And it all -- again, it all depends on our share price. It all depends on the market, what are the interest rates will be when we need that capital.

所以總體而言，我們相信我們將能取得所需的資本。而且這一切——再次強調——都取決於我們的股價。也取決於市場，以及當我們需要那筆資本時利率會是多少。

We have to understand that UMH is a unique company. We have a mission statement we really believe in. The nation needs housing. There's a shortage. The government's recent figures were 100 million, 10 million units, and we used to figure they need 6 million units or 4 million units. Whatever the number we have to reach to meet that shortage, we're not doing it. There'll be fewer homes built in 2026 than they were in 2025.

我們必須了解UMH是一家獨特的公司。我們有一個我們真正相信的使命宣言。國家需要住房，且存在短缺。政府最近的數據是1,000萬套（原文：100 million, 10 million units），而我們過去估算需要600萬套或400萬套。不論為了彌補短缺需要達到多少數量，我們都沒有做到。2026年新建住宅數量將少於2025年。

But that's not the case with UMH. Our mission statement is to provide housing. We believe we have a definite advantage in the housing we have. We build houses and factories and ship them to communities. We have to create the communities and we have to have the capital to do it.

但UMH不是這樣。我們的使命宣言是提供住房。我們相信我們在現有住房產品上具有明確優勢。我們在工廠建造房屋，然後運送到社區。我們必須打造社區，也必須有資本來做到這一點。

And we're using every means we can to expand the company, and we plan -- we have units that we want to build in Tennessee, in Florida, in New York. So we are constantly seeking ways to profitably grow this company. And it's important to the company, because in the long run, investing in housing is a good investment and it's something the nation needs.

我們正用盡一切方式擴張公司，而且我們計畫——我們有想在田納西、佛羅里達、紐約建造的單位。因此我們持續尋找能夠有利可圖地成長公司的方法。這對公司很重要，因為從長期來看，投資住房是一項好的投資，也是國家所需要的。

Okay. Thank you.

好的。謝謝。

John Massocca, B. Riley.

John Massocca，B. Riley。

Good morning. Maybe starting on the regulatory front, how does the removal of the chassis requirement rules impact UMH, if at all?

早安。也許先從監管面開始，取消底盤（chassis）要求的規則，對UMH是否有影響？如果有的話是什麼？

Yeah. It's not complete yet, but as we've gone to duplex homes, there never used to be such thing as a one-bedroom manufactured home. In apartments, if you did one-bedroom studio, two-bedroom, three-bedroom, four-bedroom, manufactured housing was two-, three-, and four-bedroom. Now, the duplexes give us one-bedrooms, which there's substantial demand for and allows us to obtain two rents from one lot, which can increase revenue.

是的。這還沒有完全定案，但隨著我們轉向雙拼住宅（duplex homes），過去從來沒有一房的組合式住宅。在公寓裡，你可以做一房套房、兩房、三房、四房；但在組合式住宅領域，通常是兩房、三房、四房。現在，雙拼讓我們能提供一房產品，市場需求很大，並且讓我們在同一個地塊上收取兩份租金，從而提高收入。

The removal of the chassis will allow two-story homes. And those two-story homes will allow bigger families to occupy the same-sized lot, the 5,000-square-foot lot, and there's additional potential that those two-story homes could be duplex. So two-story is a really big deal. Manufactured home communities are built for HUD Code houses and the municipality has to allow whatever the HUD Code allows. So this will allow two-story homes in the communities, which can be a really big deal depending on location.

取消底盤將允許興建兩層樓住宅。而兩層樓住宅能讓更大的家庭在同樣大小的地塊（5,000平方英尺的地塊）上居住，另外也有可能兩層樓住宅可以做成雙拼。所以兩層樓是一件非常重大的事。組合式住宅社區是依HUD Code（美國住房與城市發展部規範）住宅來建造的，而地方政府必須允許HUD Code所允許的內容。因此，這將允許社區內出現兩層樓住宅，依地點不同可能會非常重要。

You build 2,000 square feet of homes instead of 1,000 square feet on the same piece of land. It's a very, very important development. When you buy communities that are older, it gives us a means of taking out these older homes and putting in twice as much space so the space is more valuable.

你可以在同一塊土地上建2,000平方英尺的住宅，而不是1,000平方英尺。這是一個非常、非常重要的發展。當你收購較老的社區時，這讓我們有辦法把這些老舊房屋移除，換成兩倍的居住面積，使該空間更有價值。

This is a change that's going to help every manufactured home community out in the country, and it's going to help the residents because we can provide new and improved housing in the spaces where we had older and obsolete housing and put a better product in. So it's really a major change for the industry, and I'd really like to thank you for that question.

這項變更將幫助全國每一個組合式住宅社區，也會幫助住戶，因為我們可以在原本放置老舊、過時住宅的空間，提供更新、更好的住房，換上更好的產品。所以這對產業而言真的是一項重大變革，也非常感謝你提出這個問題。

Does it impact the cost -- if somebody's not on the ground, does it impact the cost of installation of new homes and the pace at which you can kind of add new homes to existing communities? Or is that kind of just a net -- the removal of the chassis doesn't really change that per se?

它會影響成本嗎——如果有人不在現場，它會影響新屋的安裝成本，以及你們在既有社區中新增新屋的速度嗎？還是說，取消底盤本身並不會在這方面帶來實質改變？

Well, so removing the chassis can allow the house to be at ground level, which is very appealing to 55 and older who don't like walking up steps. So that helps there. Removing the chassis reduces the cost of each unit by $3,000 or more, but then there's increased setup costs, which those will be worked out over time. Efficiencies will develop in setting up the houses.

嗯，取消底盤可以讓房屋更貼近地面，對55歲以上、不喜歡走樓梯的人非常有吸引力，所以在那方面有幫助。取消底盤可使每個單位成本降低3,000美元或更多，但隨之會有更高的安裝（setup）成本，這些會隨時間逐步調整。房屋安裝的效率會逐漸提升。

We've always found setting up 10 homes as opposed to one home at a time, you can save money because you have all the crews ready to do everything and you could reduce the cost per house. So I assume it'll be the same thing when you get rid of the chassis. In the beginning, there'll be inefficiencies, there'll be added cost of setting up homes without chassis, but eventually that will get worked out.

我們一直發現，一次安裝10戶而不是一次安裝1戶，可以省錢，因為所有工班都已就位來完成各項工作，並且可以降低每戶成本。所以我假設取消底盤後也會是同樣情況。一開始會有效率不彰、會有額外的無底盤安裝成本，但最終都會逐步解決。

Okay. And then is there anything else you're seeing on the regulatory front that could change here near term, especially in terms of maybe financing for manufactured homes?

好的。那麼在監管面上，近期你們還看到其他可能改變的事情嗎？尤其是關於組合式住宅的融資方面？

Well, exactly. And we have more than $100 million in loans outstanding. We have more than 11,000 rental homes. And many developments are occurring that could make it more favorable for people already renting homes or others to purchase our rental units or purchase additional houses or for outside finance sources such as Fannie, Freddie. And then, I'm learning about in Pennsylvania, there's government programs.

沒錯。我們有超過1億美元的未償貸款。我們有超過11,000戶出租住宅。許多發展正在發生，可能會讓目前租屋的人或其他人更有利於購買我們的出租單位、購買更多房屋，或讓外部融資來源如房利美（Fannie）、房地美（Freddie）提供更多支持。另外，我也了解到在賓夕法尼亞州有政府方案。

People may want to do these loans. And if they do the loans, homes we already sold where we have the loans, somebody could refinance and pay us off. That would be cash to us. We could be selling the rentals under a Title I program or other programs, which would be cash to us.

人們可能想做這些貸款。如果他們做了貸款，我們先前已售出、但由我們提供貸款的房屋，買方就可能再融資並把我們的貸款清償。那對我們而言就是現金。我們也可以透過Title I計畫或其他計畫出售出租住宅，這同樣會為我們帶來現金。

So everything you read about in the Wall Street Journal pertaining to improving credit scores, finding other ways to determine people's credit that will increase loan approvals, that's beneficial to us. Title I is beneficial. It's 3% down. They're going to increase the loan limits. Fannie and Freddie are trying to do more on the affordable housing front. So all of these things factor in to help increase our sales, sell off existing loans, and sell rental homes.

所以你在《華爾街日報》上讀到的所有內容——關於提升信用分數、尋找其他方式來評估人們信用以提高貸款核准率——都對我們有利。Title I對我們有利，首付只要3%。他們將提高貸款上限。房利美和房地美正試圖在可負擔住房方面做得更多。所有這些因素都有助於提升我們的銷售、出售既有貸款，以及出售出租住宅。

Okay. Maybe switching gears a little bit. And I think about some of your assets in the Southeast that tend to be a little bit more value-added purchase, especially with some of those not being in the same-store pool. How are you kind of thinking about the pace or the potential pace of lease-up at those assets as we come to kind of peak leasing/selling season?

好的。也許稍微換個話題。我想到你們在美國東南部的一些資產，往往更偏向價值增值型收購，尤其是其中一些不在同店（same-store）範圍內。隨著我們進入租賃/銷售旺季高峰，你們如何看待這些資產的出租去化速度，或潛在的去化節奏？

So Daniel Landy, why don't you tell them how we're doing on the OZ Fund properties and a little bit about the new video that's going to come out and how positive it is?

Daniel Landy，你不如跟他們說說我們在OZ Fund（機會區基金）資產上的進展，以及即將推出的新影片內容，還有它有多正面？

Yeah. So for the OZ Fund properties, one in Georgia and one in South Carolina, both of them have really great demand. The one in Georgia right now, the leasing pace has been around four or five homes a month, so I think we'll keep doing that.

好的。就OZ Fund資產而言，一個在喬治亞州、一個在南卡羅來納州，兩者的需求都非常強。喬治亞州那個目前的出租速度大約每月四到五戶，所以我認為我們會持續維持這樣的節奏。

The one in South Carolina, we have an incredible waiting list, and everything bring home we've set up there is full. We're just right now -- there's a north section that we're trying to get expansions and approvals for. Looks like we'll be getting that, so we'll have big info there. And we're going to come out with a video showcasing what we're doing in the current OZ Fund.

南卡羅來納州那個我們有非常驚人的等候名單，而且我們在那裡已完成設置的每一戶「bring home」（原文如此）都已滿租。我們現在——有一個北區正在爭取擴建與核准。看起來我們會拿到，所以那邊會有很大的進展資訊。而且我們將推出一支影片，展示我們在目前OZ Fund所做的事情。

And in the South, it will really give investors a really great deal of the positive impact we've made there, the housing supply we've increased, and the level of demand in the Southeast. Yeah, South Carolina, I think, is the fastest-growing state in the US, and we've done a really good job filling everything we can fill right now, and we're going to keep expanding there.

在南方，這將讓投資人非常清楚看到我們在那裡帶來的正面影響、我們增加的住房供給，以及美國東南部的需求程度。是的，我認為南卡羅來納州是美國成長最快的州，而我們在目前能填滿的部分都做得非常好，我們也會持續在那裡擴張。

That's it for me. Thank you very much.

我這邊就到這裡。非常感謝。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hey. Good morning. This is Jeffrey Carr on for Rich. Just wanted to ask about same-property occupancy. It looks like it kicked up about 110 bps from last year to 89%. In your view, what's the kind of realistic feeling or target that you might have for occupancy across the portfolio? And are there any markets that you feel like have the most room to run from this point?

嗨，早安。我是 Jeffrey Carr，代替 Rich 發言。想請教同物業入住率的情況。看起來較去年提升約 110 個基點至 89%。以您的觀點，您對整體投資組合的入住率有什麼較為務實的感受或目標？另外，從目前這個水準來看，您覺得哪些市場還有最大的成長空間？

Yeah. Good question, first of all, and we're very happy with what we've been able to accomplish. I think, but I'm not positive, this is a peak of same-property NOI as long as I've been here. So it's nice to get there, and it's really a function of going out, purchasing properties. We know what the problem was when we purchased them. We made the improvements to the communities. We make them nicer and safer places to live, and then we start to implement the rental home program.

是的。首先這是個好問題，我們也對目前達成的成果非常滿意。我想——但我不敢百分之百確定——就我在這裡的時間而言，這應該是同物業 NOI 的高峰。所以能達到這個水準很不錯，而這主要是因為我們外出收購物業。我們在收購時就知道問題在哪裡。我們對社區做了改善，把它們變得更好、更安全，成為更宜居的地方，接著我們開始導入租賃住宅計畫。

Just to add some color there, we currently have 430 homes on site. Some of them are ready for occupancy. Some of them are working on getting ready for occupancy. That is all low-hanging fruit that should allow us to continue to grow occupancy into the second and third quarters. I don't see any reason why in the near term, call it the end of the year, we can't get above 90% occupancy. I think that's a very realistic goal.

再補充一些細節，我們目前在場內有 430 戶住宅。有些已可入住，有些正在準備達到可入住狀態。這些都是唾手可得的成果，應可讓我們在第二、第三季持續提升入住率。我看不出短期內——比如到年底——我們無法把入住率拉到 90% 以上的理由。我認為這是非常務實的目標。

You've always got some move-outs and some home removal that goes along with some of these home installations, so it does offset the occupancy growth a little bit. But by and large, we've done the majority of that work, and I do expect a lot of occupancy upside here going forward.

你總會有一些退租，以及在安裝這些住宅時伴隨的部分住宅移除，因此會稍微抵銷入住率的成長。但整體而言，我們已完成大部分相關工作，我確實預期未來入住率還有很大的上行空間。

As far as regions that are doing very well, Ohio has really led the company over the past few years in occupancy growth. And the good news is we still have quite a few vacant sites at some of our communities that are the best performers. We expect that to continue.

就表現非常好的區域而言，過去幾年俄亥俄州在入住率成長方面一直領先公司。好消息是，我們在一些表現最好的社區仍有不少空置地塊。我們預期這樣的趨勢會持續。

Pennsylvania actually had a pretty slow first quarter, but I think that was largely impacted by the winter. And when we're out there working with our community managers and our regional managers, we're expecting a nice uptick in occupancy there. Indiana has always been solid, and we've got some nice expansion sites that we're filling at a pretty rapid clip.

賓夕法尼亞州第一季其實相當疲弱，但我認為主要是受到冬季影響。當我們在當地與社區經理及區域經理一起工作時，我們預期那裡的入住率會有不錯的回升。印第安納州一向穩健，而我們也有一些很好的擴建地塊，正以相當快的速度填補中。

And then I just can't leave Tennessee out, because Tennessee, albeit a smaller portion of the portfolio, always has very strong demand and always fills quite a few sites. The issue in Tennessee is we ran out of sites, but the good news is we've been developing expansion sites. We've got about 50 sites left at our Holiday Village expansion. We're about to complete the next phase of our Duck River expansion which, in the short term, will give us 40 new lots to fill, and then we just built 55 units at River Bluff, which is adjoining Allentown. And on top of that, we have another 100 units that were just completed at Memphis Blues.

另外我也不能不提田納西州，因為田納西州雖然在投資組合中占比較小，但需求一直非常強勁，也總能填補不少地塊。田納西州的問題是我們把地塊用完了，但好消息是我們一直在開發擴建地塊。我們在 Holiday Village 擴建案還剩大約 50 個地塊；我們即將完成 Duck River 擴建案的下一期，短期內將新增 40 個地塊可供填補；此外我們在 River Bluff（緊鄰 Allentown）剛建了 55 個單位。除此之外，我們在 Memphis Blues 也剛完成另外 100 個單位。

So really, throughout the portfolio, demand is strong. I would just add that New York really does have a very seasonal impact because of the weather up there. Our occupancy in New York right now has rebounded and we're in very good shape up there. So I hate to say we're doing well everywhere. Actually, I love to say we're doing well everywhere, but really, across the board, we're seeing strong demand and we're filling a lot of units.

所以其實整個投資組合的需求都很強。我還要補充的是，紐約確實因為當地天候而有很強的季節性影響。我們目前在紐約的入住率已回升，狀況非常好。我不太想說我們到處都做得很好——其實我很想這麼說——但確實整體而言，我們各地都看到強勁需求，也正在填補大量單位。

Just to give an example, when the mayor of Memphis says that they need 10,000 affordable homes, and the only people building there right now are UMH, and we're expanding there rapidly. And we have a lot of extra land. We plan to buy some more land. And I don't know if we're in the third section, we're going to the fourth section. Memphis is a sleeper. We did very well picking Nashville. Now, I think Memphis is going to be an excellent area to develop affordable housing.

舉例來說，當孟菲斯市長說他們需要 10,000 戶可負擔住宅，而目前唯一在那裡興建的只有 UMH，我們也正在那裡快速擴張。我們有很多額外土地，也計畫再買一些土地。我不知道我們現在是在第三區，還是要進到第四區。孟菲斯是一個被低估的市場。我們當初選擇納什維爾做得非常好。現在我認為孟菲斯將會是發展可負擔住宅的絕佳地區。

Okay, great. Thank you. And just as a follow-up, can you walk us through the puts and takes on interest expense for the rest of the year? Just wondering if Q1 is the peak or if we should expect this level to kind of persist throughout 2026?

好的，很棒，謝謝。再追問一下，您能否帶我們梳理一下今年剩餘時間利息費用的增減因素？我想了解第一季是否已是高點，或是我們應該預期這個水準會在 2026 年持續？

I believe that it is pretty much the same that we will expect throughout the year. I don't believe that we will have any big increases in interest expense or big decreases at this point.

我認為今年接下來大致都會維持相同水準。我不認為此時利息費用會有大幅增加或大幅下降。

It's important to note -- if I remember the numbers right, which I think I do, $600 million of the increased interest expense is from refinancing at a higher rate. The rest of the interest expense is from adding rental units and building lots, which cannot possibly earn money until they're occupied, and they are now at this moment becoming occupied and will become occupied throughout the year. So to me, you have the maximum interest expense without revenue that you will have during the year.

需要注意的是——如果我沒記錯數字，我想我記得沒錯——增加的利息費用中，有 6 億美元是因以較高利率再融資所致。其餘的利息費用則來自新增出租單位與興建地塊；在它們被入住之前，不可能產生收入，而它們現在此刻正開始入住，並將在全年陸續入住。所以對我而言，你現在看到的是全年中「沒有收入對應」的利息費用最高點。

Yeah, that's generally correct. I just want to point out that last year, we had about $117 million in debt that was refinanced. It was at 4% at the time that it was being paid off. That increased to about $565 million on average, which increased the interest cost on that batch by just about $2 million, just over $2 million, if I remember correctly.

是的，大致正確。我只想指出，去年我們約有 1.17 億美元的債務完成再融資。當時被償還的利率是 4%。之後平均提高到約 5.65%，使得那一批的利息成本增加了大約 200 萬美元，若我記得沒錯的話，是略高於 200 萬美元。

On top of that, we did increase the mortgage debt. So that was another $4 million in interest, and then we did the Israeli bond. So that's why interest is --

此外，我們也增加了抵押貸款債務，所以又多了 400 萬美元的利息，然後我們也發行了以色列債券。所以利息才會——

But we don't believe that there will be any large fluctuations throughout the rest of the year.

但我們不認為在今年剩餘時間會出現任何大幅波動。

Okay. That's all for me. Thank you.

好的。我這邊就到這裡。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Samuel Landy for any closing remarks.

我們的問答環節到此結束。接下來我想把電話會議交回給 Samuel Landy，請他做結語。

Thank you, operator. I would like to thank the participants on this call for their continued support and interest in our company. As always, Gene, Anna, Brett, and I are available for any follow-up questions. We look forward to reporting back to you in early August with our second-quarter 2026 results. Thank you.

謝謝，接線員。我想感謝參與本次電話會議的各位，持續支持並關注我們公司。一如既往，Gene、Anna、Brett 和我都可以回答任何後續問題。我們期待在 8 月初向各位回報 2026 年第二季的業績結果。謝謝。

The conference has now concluded. Thank you for attending today's presentation.

本次電話會議到此結束。感謝各位參加今天的簡報。

The teleconference replay will be available in approximately one hour. To access this replay, please dial the US toll-free 1-855-669-9658 or International 412-317-0088. The conference access code is 2161306.

電話會議重播將於約一小時後提供。如需收聽重播，請撥打美國免付費電話 1-855-669-9658 或國際電話 412-317-0088。會議存取碼為 2161306。

Thank you, and please disconnect your lines.

謝謝，請掛斷您的線路。